Goodrich Petroleum (GDP) Misses Q2 EPS by 4c

Goodrich Petroleum (NYSE: GDP) reported Q2 EPS of ($0.33), $0.04 worse than the analyst estimate of ($0.29). Revenue for the quarter came in at $37.3 million versus the consensus estimate of $34.02 million.

Commenting on the quarter, the Company's Chairman of the Board and Chief Executive Officer Walter G. "Gil" Goodrich stated, "Since late 2014 and throughout 2015, we have undertaken a number of strategic initiatives designed to strengthen our balance sheet, enhance liquidity and reduce costs across our operations. With the previously announced sale of a portion of our Eagle Ford Shale acreage and associated proved reserves, we have taken another solid step toward enhancing our liquidity during the currently depressed crude oil market. Upon closing, we plan to pay off our senior credit facility in full and retain the balance in cash. With no debt maturities until October of 2017, this transaction improves our ability to execute our plans for 2016 while we continue to conserve capital and further improve our balance sheet. Service cost reductions and our team's diligent efforts are leading to reduced completed well costs, as our B-Nez 48H-2 came in at approximately $10.5 million for a 6,000' lateral and a 20-stage frac even though it was drilled in a higher cost environment."

For earnings history and earnings-related data on Goodrich Petroleum (GDP) click here.

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